ANSA buys Sabga's furniture companies
Published:Wednesday | January 25, 2012 | 12:00 AM
ANSA McAL Limited has acquired Standard Distributors Limited and two related companies for TT$120 million.
The deal was sealed on January 16, but is subject to a share purchase agreement to be finalised by February 1.
The companies, which include Standard Distributors Barbados Limited and Bell Furniture Limited, are being acquired from Norman Finance Developments Limited and Anthony N. Sabga Limited.
Sabga is also a principal shareholder and founder of Trinidad conglomerate ANSA McAL.
The offer made December 16, 2011, was for 100 per cent of the issued ordinary and preference shares in the three companies.
"As this transaction involves related parties in that ANSA McAL and Standard have common shareholders, we have made full disclosure with respect to the transaction to the Trinidad and Tobago Stock Exchange and the Trinidad and Tobago Securities and Exchange Commission and to the public," said ANSA in a stock market filing on Friday.
Standard is a retailer of furniture and appliances in Trinidad and Barbados, with 300 retail stores and more than 300 employees.
The Trinidad operation was established in 1945 and the Barbados subsidiary a decade later in 1955. Standards retails household furniture, appliances and equipment, while Bell manufactures and distributes furniture.
ANSA itself is a TT$5 billion company by revenues, with operations in at least six Caribbean countries and the United States, and employing 6,000.
"The depth of history, customer relationships and its market position were compelling factors in the acquisition of Standard," said ANSA McAL.
"With the addition of a retail furniture and appliance operation, ANSA McAL will now be able to offer a one-stop shop for both commercial and residential customers with product offerings which will include paint, blocks, windows, air-condition units, office furniture, home appliances as well as computer and electronic devices," the company said.